London: One of Britain's best known football managers, Sir Alex Ferguson, is set to retire as Manchester United boss after 27 years at the helm of the team.

The 71-year-old has won 38 trophies since taking over in November 1986, including this season's Premier League title for one of the world's most popular football teams.

Considered among the most successful managers of the game in Britain, his overall haul includes 13 titles, two Champions League trophies, five FA Cups and four League Cups.

"The decision to retire is one that I have thought a great deal about. It is the right time," he said in a statement on Wednesday, announcing his retirement at the end of the current football season.

"It was important to me to leave an organization in the strongest possible shape and I believe I have done so. The quality of this league-winning squad, and the balance of ages within it, bodes well for continued success at the highest level whilst the structure of the youth set-up will ensure that the long-term future of the club remains a bright one," he added.

Ferguson will remain linked to Man-United as a director and ambassador for the club.

"To the fans, thank you. The support you have provided over the years has been truly humbling. It has been an honour and an enormous privilege to have had the opportunity to lead your club and I have treasured my time as manager of Manchester United," said Ferguson, or Fergie as he commonly known, who is also set for a hip operation later this year.

The club is yet to announce a successor to Sir Alex but bookmakers in the UK have made Everton manager David Moyes odds-on favourite to take over at Old Trafford, the home of Manchester United.